MUNICH (AFX) - The Ifo Institute said its business climate index rose to 96.4 in January from 96.2 in December -- its highest reading since February last year
Economists polled by AFX News had forecast a rise to 96.5
The January business assessment index fell to 95.3 from 96.0 in December
Economists had forecast an unchanged reading of 96.0
The business expectations index rose to 97.6 from 96.5 in December, Ifo said. Economists had forecast a rise to 97.0
Ifo president Hans-Werner Sinn said the January result is solely due to a more optimistic outlook for the six months ahead, based on a slight improvement in domestic demand and an expectation that the economic recovery will continue
He said sentiment in the manufacturing sector remained unchanged, but the business climate improved modestly in the construction, retail and wholesale sectors